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no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow more and he can't spend more than what the treasury collects. it's forced to reduce spen spending. that is the only way to get the house in order. >> over the cliff. >> over the cliff. >> juan? >> i hope not. i don't think it's good for most of america. it could be damage for economy struggling to recover. takes us further down the road for what i think is the news of the day. argument over the debt ceiling today. that is one point of the republican lench in the dole. some machiavellian misstep made. he wanted the democrats to
no to taxes. do you any any republicans sent to congress to facilitate the president spending to us oblivion? they no. or they will be sent home. >> president feels like he was elected on a campaign where he mentioned on the stump many times, raising tax rates. >> i understand that. >> but under our system the congress writes the law and president enforces them. if they don't go along with the law that the president wants it won't become the law. then we won't let him borrow...
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Dec 4, 2012
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taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask anybody to do, let alone the democratic party. which really created these programs. this is going to be awful and gruesome, but 70 for 60 in your poll, 60% of americans want to raise taxes on well off americans. 70% don't want to cut or 80, don't want to cut medicare or medicaid, so the hard stuff is coming. this is the easy stuff. >> we're out of time, guys. nice to talk to you. i appreciate it. >>> next, violent clashes along the turkey, syria border and a new heir to the british throne is on the way. our piers morgan wi
taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use uf -- and that means health care for seniors and poor people and special needs kids. that is not an easy thing to ask...
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Dec 4, 2012
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republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax reform has to be the next phase. i hope there's a commitment to it. you know, backing up on the revenue and what republicans need to do, i think the approach that republicans are saying is if there's a number, there are ways to get -- a variety of ways to get to the number. we want to get to a number and do it in a way to stimulate the economy and encourage growth. so there's just lots of ways of getting to a number, and it doesn't have to be that top marginal rate. you can do it through closing of loopholes and capital gains and a number of different ways to do it
republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax...
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Dec 3, 2012
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reform with no tax rate hikes. john boehner blasting the president's, quote, la la land offer. that just moments after the president took his plan to the people answering questions about the fiscal cliff on twitter, and with less than a month to go, the white house dispatched treasury secretary tim geithner to five sunday talk shows to declare tax rates on the wealthy are going up one way or another. >> if the republicans say, sorry, no way are we going to raise rates on the wealthy. you guys are willing to go off the fiscal cliff? >> it republicans are not willing to let rates go back up, and we think they should go back to the clinton levels, a the a time when the american economy was doing exceptionally well, then there will not be an agreement. >> while geithner was drawing a line in the sand, house speaker john boehner was busy trying to lift his jaw off the flar after geithner presented the president's debt reduction plans to him last week. >> i was just flabbergasted. i looked at him and said you can't be se
reform with no tax rate hikes. john boehner blasting the president's, quote, la la land offer. that just moments after the president took his plan to the people answering questions about the fiscal cliff on twitter, and with less than a month to go, the white house dispatched treasury secretary tim geithner to five sunday talk shows to declare tax rates on the wealthy are going up one way or another. >> if the republicans say, sorry, no way are we going to raise rates on the wealthy. you...
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tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the democrats. i get the politics of this but democrats need to own up. they can't have their cake and eat it, too. in the end, we are all going to pay more or we are going to get less. if we're serious about the fiscal house in order. if demonstrates are serious about republicans to break with ideology and their party base, to vote for higher tax rates, democrats have to be willing to do the same and break with their base. both sides can go back to the politics after they get in right. quit scrapping. get the work don
tax breaks, right? democrats are fighting hard to preserve the tax deduction for state and local taxes, that costs the federal budget more than $80 billion a year. why? because 7 of 8 states where taxpayers use the deductions that much are blue or democratic. new york, new jersey, pennsylvania, all blue with the highest state local -- state and local taxes taken out there and property taxes. the tax deductions on them benefit higher income taxpayers in states that consistently deliver for the...
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on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to your children or grandchildren. and to pay the estate tax, you have to sell it, basically, because you don't have that kind of money. >> this is a philosophical difference on the sides. congress does nothing. and those estate taxes revert to the levels they were before george w. bush was in office. those taxes were lowered to help us get through a couple recessions. this is unfair. people should be entitled to pass along their hard earned money. the concentration of wealth needs to be kept in check. it doesn't create dynastys. that was one of the earliest goals of this tax.
on top of that, there's a 5% tax on the portion of very large tax estates. the tax policy tenners estimates the number will jump from 2600 in 2012 to 53,000 in 2013. that's a huge increase from where we stand right now. as you know, some people call this double taxation, because people pay income tax on their earnings, they save it, and then the money gets taxed when they pass it on to their decendents. >> a lot of farmers are respecially concerned about this. let's say you leave land to...
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Dec 6, 2012
12/12
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and you add that to the payroll tax increase and you have got a big tax increase coming count pike in a weak economy. martha: it will hurt across the board from the top to the bottom. everybody's financial picture will look different in the new year. bill: prince william's pregnant wife has been released from the hospital. a smiling duchess of cambridge heading home. she had been in the hospital for severe morning sickness. they moved to kensington palace where she has been ordered to take it easy. she looks great. martha: poor thing. you are leaving the hospital. you have got to do your hair and smile for the cameras when you feel lousy. bill: what a media frenzy this has been already. it's just the beginning. england has that to watch all over the kingdom. martha: we are just getting started. lots going on. a new green energy project funded by you the taxpayer. did you know you are one of the prime investors in a new electric car battery? bill: there are new concerns about a north korean rocket launch any day. a top u.s. commander labeling it very dangerous. what is the u.s. doing i
and you add that to the payroll tax increase and you have got a big tax increase coming count pike in a weak economy. martha: it will hurt across the board from the top to the bottom. everybody's financial picture will look different in the new year. bill: prince william's pregnant wife has been released from the hospital. a smiling duchess of cambridge heading home. she had been in the hospital for severe morning sickness. they moved to kensington palace where she has been ordered to take it...
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Nov 29, 2012
11/12
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FBC
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it depends on what the tax rates are. the 4% kicker or 04 percent cpi increase in the cost of living over the annuity. you have to look at that in the context of the tax opporunity. you have to be careful. gerri: they always have problems with their family. your advice which i cannot even imagine, learn to say no the families and friends. do you live alone, have no do you live alone, have no family and friends? where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's anotherson more investors are saying... [ all ] i'm with scottrade. ll, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sor about that. [ale announcer ] break from the holiday stress. fedex office. are you loing for a plan thateally meets your needs and your budget? as you probably know, medicare only covers about 80% of your part b medica
it depends on what the tax rates are. the 4% kicker or 04 percent cpi increase in the cost of living over the annuity. you have to look at that in the context of the tax opporunity. you have to be careful. gerri: they always have problems with their family. your advice which i cannot even imagine, learn to say no the families and friends. do you live alone, have no do you live alone, have no family and friends? where our dedicated support teams help you know more so your money can do more. [...
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Dec 1, 2012
12/12
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democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional research service. who is it really helping in the most recent irs tax data show 41 million people claim this deduction on their 2010 taxes, but the tax policy center points out it tends to benefit upper middle class families the most. for those with annual incomes of less than $40,000 a year, the average tax savings is just 91 bucks. for the people earning $250,000 a year, the annual tax savings runs about $5,500, and critics say it's not really helping to boost homeownership. going to talk to one of them in a moment. the homeownership rate in the u.s. is now about 65%. it was up near 70% duri
democrats only want to raise taxes on the top 2% and extend the bush tax cuts for everyone else. what they might agree on, cutting deductions. the middle class' most cherished tax break could be in the crosshairs of the fiscal cliff negotiations. we're talking about the mortgage interest deduction. it's been around for 99 years, but it's costing the government $80 billion this year and will reach $100 billion by 2014 making it the third largest tax expenditure according to the congressional...
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Nov 29, 2012
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additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did think that the president had shown leg on entitlement reform. he did no 2011. when the house speaker failed to reach a grand bargain. you heard signals from dick durbin said on the sunday shows that medicare had to be on the table. he circled back and say it couldn't be part of the down payment. a lot of confidence that the president is willing to go over the cliff before he would do anything to entitlement. this is the -- the ball is in the democrats' court, not in the republicans that i spoke to today. did say that the administration proposal just as boehner said is n
additional tax increases equal to $600 billion. 2009 level estate tax. multiyear stimulus package starting with at least $50 billion next year alone. permanent increase in the debt ceiling, the debt limit enough to avoid it. in exchange, $400 billion in savings from the medicare and other entitlements to be worked out next year with no guarantees. that didn't go over well. syndicated columnnist charles krauthammer. what is going on here? >> you know, up until today i didn't think -- i did...
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Dec 4, 2012
12/12
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at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around the economic cloud hanging over the country. mortgage rates are expected to stay low through 2014. home affordability is as good as it it's been in generations. that's going to attract buyers who spent the last few years waiting for prices to bottom out. that's going to help millions of homeowners who currently owe more on their homes than the home is worth. the home prices rising, confidence will return. and longer term prospects also have some real hope in america. we're in the midst of a domestic energy boom that will fuel growth for y
at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around...
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up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is for christmas. this starbucks card will set you back $450. the card itself costs $50, then the card itself is $450 for the gift card. you cannot buy them at the store coming have to give them from gil.com. >> of i spent $450, it will be almost a full pair of christian louis vuitton shoes. i'm not sure they are seen holding this card. >> a person is going to say my gold card -- what happens if you violate 10 cups of coffee, do you geta gold card membership? >> the highest profit margin will be on the copy. how much is that slipups stain
up in the estate tax goes up. basically, we could be looking at a private stimulus package happening. >> you are talking about transferring 25 million-dollar houses from one rich person to another, right? >> you are buying stuff back and forth. the parents to give that to their kids. the estate tax is 35% on everything over $5 million and agosta 55%. anything over $1 million. it is horrible. melissa: dennis needs a break after running the 12 flights of stairs. this time this item is...
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news the president a little more than an hour ago went to northern virginia to push the middle class tax cut message by spending time with an actual middle class family. >> the message that i got from tiffany and the message that i think we all want to send to members of congress is, this is a solvable problem. i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good for families like this one's. >> and this actually appears to be working. a new poll shows the president is running ahead of the boehner-led republican team. what about basketball you say? we go to charlotte last night, and the knicks treasury secretary, carmelo anthony, top paid and big star got hurt in this dive and had to leave the game. then the at the end it came down to this. >> looking for felton and finds smith. two seconds, one second. smith for the win. >> game over. no overtime. deal, end game, done. is this meaningless nba game in charlotte lead us to how the fiscal fiesta ends? we have a man
news the president a little more than an hour ago went to northern virginia to push the middle class tax cut message by spending time with an actual middle class family. >> the message that i got from tiffany and the message that i think we all want to send to members of congress is, this is a solvable problem. i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%, but i do remain optimistic that we can get something done that is good...
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it's been budgeted based off of what we spend on our taxes. the bulk of it is going there. 20% is going to defense. discretionary spending about 13% then the 7% interest which is the interest that we are paying on our debt. that's also mandatory. we have to make good on our debt. >> which is why anybody serious about the debt says you have to look at entitlements. based 0en that. where are the areas for compromise? >> so when you look at where they're talking about cutting spending it's in the discretionary category. about $600 billion in discretionary spending is on the table now. when you actually look at the programs like social security and medicare one of the ideas for compromise that's been on the table is increasing that age. the availability of medicare begins at 65. if you were to increase it to 67, about $250 billion in savings. also, if you look at medicare cost sharing. this is from the provider. if you go back to the providers to provide medicare and say to them, we need you to come around and provide, pony up a little bit of the
it's been budgeted based off of what we spend on our taxes. the bulk of it is going there. 20% is going to defense. discretionary spending about 13% then the 7% interest which is the interest that we are paying on our debt. that's also mandatory. we have to make good on our debt. >> which is why anybody serious about the debt says you have to look at entitlements. based 0en that. where are the areas for compromise? >> so when you look at where they're talking about cutting spending...
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he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this debt. we keep spending and spending and raising our debt by $6 trillion every obama term. that's what catastrophic. the republicans need to stick to the boehner rule. a dollar of spending cuts for every dollar in spending increases. why give in on taxes and the fiscal cliff fight when you will have all the leverage. megyn: simon? >> in the rasmussen poll that came out today the republicans lost 10 points since the election in the congressional generic fight. they are losing this economic argument right now. if they pull what mark is saying, you are going to
he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this...
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Nov 30, 2012
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so to put a tax rise, a tax rate increase for the middle class makes no sense to me. someone who makes 50, 60, $70,000 a year will lose and will take away a lot of discretionary purchases from people like me and travel and a whole host of other areas. i hope our leaders in washington are listening and they take the steps necessary to get to a compromise before the end of the year. >> very quickly, very simply, optimistic or pessimistic? >> i'm optimistic, 1,000% confident they'll get this solved by the end of the year. >> thank you, michael. appreciate it. >> thank you. >>> so what was meant to be a discussion on recovery efforts in the wake of superstorm standee erupted into tears and outbursts of anger. it was standing room only at the town hall meeting on staten island as people who lost everything begged for help from fema. wabc's carol lee was there. >> reporter: more than 700 people packed the auditorium for a town hall meeting for superstorm sandy victims on staten island. there was a time to discuss business and a chance to lay out their emotions. >> we are ex
so to put a tax rise, a tax rate increase for the middle class makes no sense to me. someone who makes 50, 60, $70,000 a year will lose and will take away a lot of discretionary purchases from people like me and travel and a whole host of other areas. i hope our leaders in washington are listening and they take the steps necessary to get to a compromise before the end of the year. >> very quickly, very simply, optimistic or pessimistic? >> i'm optimistic, 1,000% confident they'll...
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Nov 29, 2012
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taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with james clyburn, representative clyburn last hour, about the notion of raising tax rates on the wealthy and not where the president wants them. he said i want it higher. take a listen and then talk about it. >> we know where the president is. and that is 250,000. but there are a lot of democrats who voiced back before the campaign 500,000. some say even a million. all of that's going to be negotiated. the president wants 250. if mr. boehner wants to come and offer something different, i'm sure he'll do that but the president stands at 250. which is below even where i was but he won the election. >> do you think
taxes going up. taxes going up on the affordable care act. billions of dollars of taxes and fees. what's the four-year view look like? what's the plan look like? so let's look at the numbers. how much do we get from deductions? how much do we get from expenditures? how much more do we need? how much does obama care add? what is our growth rate? you know, we don't have a plan. >> yeah. >> and we're throwing these dollar numbers around like if they were nothing. >> i spoke with...
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Dec 6, 2012
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WUSA
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legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something to be safeord, something to be consumed in moderation by responsible adults. >> reporter: new stores would be modeled after those in many states it for alcohol. by next month, a similar law will go into effect in colorado, where residents will be allowed to grow their own marijuana. but all those plans could go up in smoke because of federal w. the justice department said it's studying the situation here in washington, but, scott, want feds have already warned residents of this state, under federal law all marijuana use remains illegal. >> pelley: plenty of room for confusion. thanks very much, john. a change may
legal marijuana sales could also generate washington $500 million a year in taxes and business. opponents worry legalization will lead to more people using drugs. >> this is not what you're going to pick up in a baggy at the corner. >> absolutely not. it's the complete opposite. >> reporter: jamen shively, a former microsoft executive, has plans for up-market marijuana shops. >> we're positioning premium marijuana, very similar to a fine cognac, a fine cigar, something...
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Dec 6, 2012
12/12
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WBAL
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went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. nbc's david gregory, the moderator of "meet the press," has more on the surprise announcement. >> reporter: about four years early, a lot of people thought it would happen by 2017, but not at this point. in his term, demint was somebody who turbo-charged the tea party movement. he told me he would like to see the party really adopt more of these tea party ideas. that really didn't happen. there were more internal fights. he did have success in fielding candidates and also failed. he said they didn't do enough to establish what the party was for. he is going to try to be a force behind the party. >> and one more, senator coburn, from texas, somebody the president has a good relationship wit
went to the home of one middle class family in virginia, saying if the middle class tax cuts expire when the deadline hits it will cost the family an equivalent of a month's rent. meanwhile, john boehner started the talks after a standoff that lasted almost a week. then there was the surprise that rocked the capital today. south carolina conservative, jim demint, a hero to many, is retiring next month. nbc's david gregory, the moderator of "meet the press," has more on the surprise...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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Dec 5, 2012
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you >> taxes have been 18% of gdp. they're down now because of a question of rates but because of the economy. >> in sharing the burden, is not turnoff for republicans to say the wealthier can pay more? >> that is where we have put on the table an increase in revenue. we're willing to eliminate loopholes. i can tell you as someone who is under this system if you have the bright accountant and lawyer, you will pay less taxes than the next person regardless of your income level. i think eliminating these loopholes does do what the president has been talking about, fairness. it gives shared burden which is what we want to do. we have said we're willing to increase revenue someone. we get there at a different route than the president but the president needs to put on what he is willing to do to reduce spending and he has not done that so far. >> jack kingston, thank you. financial markets are watching. on the other side there is another controversy with a major fallout. clerical workers have been on strike at the ports in
you >> taxes have been 18% of gdp. they're down now because of a question of rates but because of the economy. >> in sharing the burden, is not turnoff for republicans to say the wealthier can pay more? >> that is where we have put on the table an increase in revenue. we're willing to eliminate loopholes. i can tell you as someone who is under this system if you have the bright accountant and lawyer, you will pay less taxes than the next person regardless of your income level....
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tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that spending can go up and that is a game leapfrog. we end up with more debt and a weaker economy. the road map is greece, italy, spain, all over europe but the president thinks you can tax-and-spend your way to prosperity. >>neil: what the administration throws back on the issue is take a look at italy and greece, austerity has worked. you say what? >>guest: they have a strange definition. alwaysst either to them means higher taxes in europe and the united states austerity means less spending. i am in favor of the right definition of austerity. the balkan countries got out of the mess and now they
tax rates. tax rates. tax rates, tax rates. like tourettes. that is all they want. >>neil: member the middle ground they rumored about last week, maybe not 39.6 percent the top rate, but mid-30's but regardless you think the rate will change. >>guest: i am pessimistic short run and long run. there is in reason why they should go up but i think they will. we need to just limit the growth of spending to 2.5 percent a year on average and the fight is about taxes going up so that...
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Dec 6, 2012
12/12
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state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report that's the big one economists look at. we expect 93,000 nonfarm jobs have been created last month. the numbers are weak and they suggest it's not just a storm but it is worried about the fiscal cliff holding businesses back from hiring. >> business owners and other people on e-mail which is most of us. when you are reading the e-mails and writing them you rate changes. >> pay attention i guess. do you hold your breath when you are reading an e-mail. it is e-mail apnea. study shows 80 percent of folks have it. when you hold your
state taxes went up. they are now higher than both new york city as well as hawaii. >> when it comes to jobs being added different numbers, 118,000. >> this is the first week of the month we get a lot of jobs data. storm event coming in when i say storm literally we will see the effects of super storm sandy. private job creation says businesses added 118,000 jobs in november. if it were not for sandy that number would have been north of 200,000. adt may have a stronger jobs report...
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Dec 6, 2012
12/12
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CNNW
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our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the world. >> erick, quickly, you say it's better to go over the cliff than accept what the president's offered? >> yeah. i absolutely think so. the republicans unfortunately for people like me are willing to raise taxes to the tune of $800 billion. the democrats want to argue with them over the mechanism. and it's the mechanism that would hurt small businesses. the republican negotiating hand winds up being a little better on the other side. the fiscal cliff is the maximum of what ghkts want. you've got howard dean saying we need to raise taxes on everybody, not just the rich. steny ho
our conversation in washington we talk about it being a tax event and only tax event. but the impact on unemployed people will be dramatic. the impact on those americans who don't pay a lot of income tax but benefitting from the extra two points of payroll relief, may not be dramatic but noticeable. this country could go into a recession. what's going on in this discussion is richard nixon's old madman theory, each side trying to persuade the other that it's just crazy enough to blow up the...
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Dec 5, 2012
12/12
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KPIX
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failed tax measure on the november ballot. the county's top fire officials say they will have to do even more now with less. >> we should have roughly 600 firefighters on our staff. currently we have roughly 250. so we're only at about 44%. so any further degrading or reduction of our service just puts us further behind the power curve. >> contra costa fire district serving some 600,000 people over 300 square miles. more stations could close this summer, as well. >>> in other headlines around the bay, a proposal to buy a drone from the alameda county sheriff's office was sent to the public protection committee for further study. it's expected to hold a public hearing on the issue sometime in january. if approved, it will go back to the board of supervisors for final approval. >>> san francisco police hauled a load of marijuana and pot growing equipment out of the house that burned in the haight- ashbury neighborhood. it took firefighters an hour to put the fire out on page street. several residents were displaced but no one wa
failed tax measure on the november ballot. the county's top fire officials say they will have to do even more now with less. >> we should have roughly 600 firefighters on our staff. currently we have roughly 250. so we're only at about 44%. so any further degrading or reduction of our service just puts us further behind the power curve. >> contra costa fire district serving some 600,000 people over 300 square miles. more stations could close this summer, as well. >>> in...
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Dec 1, 2012
12/12
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CSPAN
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there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim from twitter says -- guest: absolutely. a lot of these credits and deductions, the standard deduction exceeds what you would get, that you just take that. host: the specific credits we have been talking about prompt a question from cindy. guest: yes. you generally have to be working are working outside the home. host: is there an hour requirements? guest: there are a lot of specific requirements. host: kay from richmond, virginia. caller: if somebody is working as hard as they can and making less than $50,000 a year, they count on this refund every y
there is also other taxes like gasoline tax, phone tax. we pay a lot of money to foreign countries that we do not need to. as i think about taxes. guest: this is kind of one of the ideas that republicans talk about, and democrats talk about when we talk about moving to tax reform. it is getting the individual provisions. right now it is a complicated mess. the kind of start over with a simple system that has a few income brackets. easier said than done. that is one of the goals here. host: jim...
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or federal tax. rate compensated up to forty percent of the way to. reduce tax payers to be. here in everything all of the general work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars unique or is a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five different types of products and services you see the variety listed on the. web site they to partner up with private firms now last year unique course revenue nine hundred million dollars as far as private prisons are concerned two of the country's biggest prison corporations made three point three billion dollars last year alone private prisons are created in the new york stock exchange they are for profit companies and the savings that they reap from using inmate labor. go to their bottom line it's money they otherwise don't have to spend in order to keep. large prison populations and
or federal tax. rate compensated up to forty percent of the way to. reduce tax payers to be. here in everything all of the general work in prison is mandatory and the choice many inmates have is whether to work for a government run prison industry for less than a dollar an hour or private one for a minimum wage or for around six dollars unique or is a government owned corporation that uses prison labor to produce all kinds of goods mainly for other government agencies one hundred seventy five...
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Dec 3, 2012
12/12
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CNNW
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he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >> that's a good question. are you at all surprised that they're both negotiating in public with specific details of their respective plans instead of just doing this quietly behind the scenes, let their representatives go about a serious negotiation? >> there are some staff members on capitol hill who are circulating what they think will be ultimately where they have to -- as we get closer to christmas, sit down and cut out a deal. ip not surprised the republicans came forward with a public counterproposal because they thought the president was winning i
he wants higher tax rates on wealthy americans. the republicans try to put some pressure on the democrats by laying out $600 billion in health savings, medicare and the like, adjust that cost of living increase for social security and other federal programs. the president's proposal puts pressure on republicans on rates. the republican proposal puts pressure on the president on entitlements and that cost of living adjustment. the question now is, do they negotiate or just posture? >>...
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Dec 1, 2012
12/12
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CNNW
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and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers crossed they will reach a compromise. i don't think there's anyone out there that wants to see us go over that fiscal cliff. >> that would be bad. but the clock is ticking. only a few weeks left. >>> the biggest problem between the united states and mexico and how to solve it. i'll speak with mexico's new president. my exclusive interview is just ahead. this line is a convenienc. how you doing today? i'm good thanks. how are you? i'm good. [ gordon ] but for others, it's all they can afford. every day nearly nine million olde
and gift tax. they want to lock in the exemption this year, before it goes away. >> possibly, the worst thing for the housing market is if there's no compromise and we end up going off that fiscal cliff, and then there's a sharp cut in government spending. that could push the economy into a recession, raising the unemployment rate and that could push home values back down, wolf. >> a serious problem for a lot of people. let's hope we don't go over that fiscal cliff. >> fingers...
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Dec 3, 2012
12/12
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FOXNEWSW
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tall tax rates will go up. we will then enact tax cuts for 98%. we will get congratulations from the american people. >> keeping and adding back tax cut for those above $250,000, 9 #% of income would add $37 trillion in ten years and would only save $800 billion or so from raising rates on higher incomes. democrats complain the republicans didn't pay for bush tax cut and no one on the democratic side is talking about finding the off-setting savings now to extend them. several democrats contemplated going over the cliff in recent days. perhaps in hopes of gaining leverage. >> if the republicans don't agree with that, we reach a point where all the tax cuts expire and we start over next year. >> form every republican senate aide said it would be hard to blame one party. >> i think they realize that both sides will be culpable if we go over cliff. >> house speaker john boehner says going over the cliff is far too dangerous to the economy. nevertheless, even treasury secretary geithner suggested on fox news sunday that republicans might need more time
tall tax rates will go up. we will then enact tax cuts for 98%. we will get congratulations from the american people. >> keeping and adding back tax cut for those above $250,000, 9 #% of income would add $37 trillion in ten years and would only save $800 billion or so from raising rates on higher incomes. democrats complain the republicans didn't pay for bush tax cut and no one on the democratic side is talking about finding the off-setting savings now to extend them. several democrats...
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you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are going to insist on some cuts anyway, so bottom line is we are going to see a weaker economy into the beginning of next year. probably one way or the other. now, the counter to that, peter, is that there are forces in the economy that are strengthening it. this energy boom that we've got, the natural gas, the amount of fracturing that we're doing, the fact that housing has been doing tremendously well, and interest rates remain very low with prices, so there's some sense that there's a bit of a renaissance on the horizon, and if the government doesn't mess that up too m
you combine, say, about $250 billion in spending and tax cuts. that will probably cut gdp with the usual multiplier efforts of two percentage points. that's enough to raisen employment by a couple of percentage points. it's serious business. >> ali, what do you think? >> yeah. well, look, i think peter is right. the spending cuts that would be imposed by the fiscal cliff would be devastating. it would send unemployment higher. it would cost jobs. the republicans, as peter says, are...
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Dec 6, 2012
12/12
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an obsess to raise taxes is not going to solve the problem. >> for mr. cantor this is an obsession, but for one conservative commentator who appeared on this broadcast yesterday, it's even worse. >> president obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a dirty little secret, their own fetish that republicans just don't like to hear ventilated in public. according to the congressional budget office in the years since 1979 as federal taxation has become less progressive, the income of the top 1% has grown by over
an obsess to raise taxes is not going to solve the problem. >> for mr. cantor this is an obsession, but for one conservative commentator who appeared on this broadcast yesterday, it's even worse. >> president obama has this fetish of we've got to raise the rates on the top two because we're going to raise the deficit. >> who knew a balanced approach could be characterized as an obsession that evokes an erotic response. what this is about is the president drawing attention to a...
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Dec 5, 2012
12/12
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KQED
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taxes will go up. democrats proposes a bill that cuts taxes on the middle class. the republicans don't dare vote it down. we'll have gotten the higher taxes on the wealthy through this back door route. tim geithner is right. you cannot have a seer imrus plan unless those tax rates on the wealthy go up. >> ifill: the president is... hassles proposedded something that john boehner calls silliness or secretary geithner actually did which is taking thed why of the debt ceiling off of congress' plate. something which members of congress seem to think at least is a no starter. what is the value in putting that out there? >> well again it needs to be said. this is crazy. the way that the debt ceiling works is that congress can actually vote to not tax enough to pay for the spending it proposes and then it can refuse to allow the government to borrow the money to make up the difference between its own spending bills and its own tax bills. this is crazy. this is a license for continual irresponsibility. and of course we're heading for... the republicans are attempting to d
taxes will go up. democrats proposes a bill that cuts taxes on the middle class. the republicans don't dare vote it down. we'll have gotten the higher taxes on the wealthy through this back door route. tim geithner is right. you cannot have a seer imrus plan unless those tax rates on the wealthy go up. >> ifill: the president is... hassles proposedded something that john boehner calls silliness or secretary geithner actually did which is taking thed why of the debt ceiling off of...
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Dec 5, 2012
12/12
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low tax small government party. the other party leadership proposes, wait for it, $800 billion in tax increases. it's noted that the democrats have celebrated the proposal put out by president obama. meanwhile, you have a number of republicans slamming speaker boehner. how would you describe his position right now? >> well, he really didn't win for losing. he's trying to say to president obama if i wanted topaz your proposal i can't do it. he's really truly between a deal and promise and getting the fight over with and a conference that won't allow it. i think what senator demint is saying and house republicans are saying to john boehner is, let's go over the cliff. that we can live with the sequester and we absolutely will not raise tax rates no matter what. what that does is eliminate all of the tax cuts and then there's a new fight in january to push obviously by the democrats to restore tax cuts for 98% of americans. and then that will be muddied by the need for a debt ceiling increase and the fight goes in to f
low tax small government party. the other party leadership proposes, wait for it, $800 billion in tax increases. it's noted that the democrats have celebrated the proposal put out by president obama. meanwhile, you have a number of republicans slamming speaker boehner. how would you describe his position right now? >> well, he really didn't win for losing. he's trying to say to president obama if i wanted topaz your proposal i can't do it. he's really truly between a deal and promise and...